London Hotels Report 2.7 Percent Occupancy Decline for December 2017
Hotels in London reported mixed year-over-year performance in December, according to preliminary data from STR. Occupancy fell 2.7% to 77.9%, ADR grew .4% to £148.85 ($200.37)and RevPAR dropped 2.3% to £115.99 ($156.13).
STR’s preliminary December 2018 data for London, England, indicates occupancy-driven performance declines.
Based on daily data from December, London reported the following in year-over-year comparisons:
• Supply: +3.1%
• Demand: +0.3%
• Occupancy: -2.7% to 77.9%
• Average daily rate (ADR): +0.4% to GBP148.85
• Revenue per available room (RevPAR): -2.3% to GBP115.99
Although supply growth has affected London’s occupancy comparisons, December would be the U.K. capital’s 14th consecutive month of ADR growth. STR analysts noted that the “Brexit effect,” which drove a surge in international visitors in early 2017, seems to be wearing off as the value of pound sterling continues to climb.
STR will release full December and total-year 2017 results later this month. The January edition of STR’s market forecast will be available by the end of the month.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.
Categories: Hotel Industry News